Sleeping Giant: Litecoin LTC Fights to Break Out of Trading Range

Litecoin (LTC) has had a relatively uneventful start to 2024. So far in 2024, LTC has been range-bound between approximately $64 on the downside and $74 on the upside. This has led to a lack of volatility and direction in recent weeks and months.

TLDR

• Litecoin (LTC) price is recovering and rallying from the $68 support level, potentially heading towards $80
• LTC is trading above $70 and holding above key support levels around $69 and $68
• Bulls and bears continue to battle over LTC’s price direction between support at $64 and resistance at $74
• LTC has been range-bound and lacking volatility so far in 2024 between $64-$74
• LTC bounced off long-term ascending support in place since June 2022 around $68, confirming a horizontal support zone

However, there are now signs appearing that Litecoin may be ready to break out of its slumber. In the last day, LTC’s price has rallied from around $68 up to over $70.

This bounce came right at a long-term ascending support line that has been in place since June 2022. LTC has now bounced off this support 5 times in the last 6 months, confirming it as a reliable floor.

In addition to bouncing off key long-term support, LTC also held above a short-term horizontal support zone between $68-$69. This area had previously been resistance, so holding it as support is an encouraging sign for bulls.

The next test will be whether LTC can break past overhead resistance at $74. This area has rejected the price 4 times already in 2024 during LTC’s range-bound Action.

If LTC can finally overcome the $74 barrier, it could open the door for further momentum to the upside. The next target would be the psychological $80 level, which lines up with highs from October 2022.

Some analysts even believe LTC remains one of the most underrated cryptos that could significantly outperform the rest of the market during any potential bull run.

However, risks still remain to the downside. If LTC fails to hold the $68 support zone and breaks below it, sellers could gain control and accelerate declines.

The area between $64 and $68 will be key to hold for bulls over the short-term. The positive is that long-term buyers continue to defend dips with conviction.

As it stands, LTC appears to be at a pivotal point where it must choose a direction after an extended period of directionless, low volatility price Action.

A break above $74 would signal a bullish breakout is unfolding. But a drop below $68 could mean more Range-bound Action is ahead.

Traders and investors will be paying close attention to see whether Litecoin stays asleep or finally awakens in the days and weeks ahead.

The post Sleeping Giant: Litecoin LTC Fights to Break Out of Trading Range appeared first on Blockonomi.